Covalent
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Covalent in numbers
Covalent (CXT) ranks #1802 by market capitalization, at $2.02M. It belongs to the DePIN sector (Indexing). It has traded since May 21, 2024, with $112.49K of volume in the last 24 hours. Its all-time high of $0.45025 was reached on May 21, 2024; the current price is 99.7% below that peak. Its cycle low of $6.99656e-12 came on Jul 7, 2024.
97.2% of the maximum supply of 1.00B CXT is in circulation. 2 team members are listed. It is available on 2 networks.
About Covalent
Covalent is a decentralized data infrastructure platform providing long-term availability and verifiability of blockchain data. It offers cryptographically secure access to historical and real-time multi-chain data through the GoldRush API. The ecosystem originally used the Covalent Query Token (CQT), now migrated to CXT, for governance, staking, and network access.
Background
The initial version of the project was built during distributed systems hackathon in the fall of 2017. In 2018, Covalent was formed as a company developing enterprise-grade software for accessing deep, granular, and historical blockchain data and have built a robust system that would supply this data accurately and reliably through a unified API.
For the past three years, the Covalent team has been indexing the entire Ethereum blockchain transactions including every contract state, every single block, every single storage slot, into the Covalent Database. The database was intended to be used by multiple enterprise customers. However, the founders later decided to expand the scope of the software to a progressive decentralized blockchain that will enable the Covalent Network to be operated by its users and incentivize them appropriately.